Fewer Millennials Seek Refinancing
January 8, 2020
Fewer Millennials were pursuing refinances in November, according to new data from Ellie Mae.
During November, 31 percent of loans closed by Millenials were refinances, down three percent from October. This was the first month-over-month decrease for refinance share since May 2019.
Ellie Mae attributed the decline to the increase on interest rates for all 30-year loans–3.95 percent for November, up from 3.90 percent in October.
"Millennials are well-educated on their options as homeowners and have played a major role in driving the refinance market in 2019," said Joe Tyrrell, chief operating officer at Ellie Mae. "Interest rates increasing in November for the first time this year may indicate that the refinance boom has passed its peak, however rates are still relatively low and refinance share is up 21 percentage points year-over-year."
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